Paoli, Garvin County, Oklahoma Property Taxes
The median property tax rate in Paoli, Oklahoma is 0.50%, considerably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Paoli, the typical annual property tax bill reaches $445, significantly below the national median of $2,690. Property taxes in Paoli are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Paoli's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Paoli or another part of Garvin County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Paoli, Garvin County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$472
$438
Ownwell’s Paoli Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Paoli with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Paoli to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Paoli, Garvin County, Oklahoma
Property taxes in Paoli, Oklahoma, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Paoli is 0.50%, which is below the U.S. national median of 0.99%. Local government entities within Paoli set these rates annually, and they can vary significantly across different neighborhoods. Each year, Paoli estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Paoli's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the zip code 73074 has the highest median property tax rate of 0.50%, while the same zip code also has the lowest median tax rate of 0.50%. Understanding how these areas compare with Paoli provides valuable insights into the varying tax landscape across Garvin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Paoli Tax Rate
0.50%
Average Garvin County Tax Rate
0.69%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Paoli, Garvin County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73074 | 0.27% | 0.37% | 0.50% | 0.64% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Paoli, Garvin County, Oklahoma
In Paoli, Oklahoma, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Garvin County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Paoli, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Paoli helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The 73074 zip code has both the highest and lowest median tax bills at $445.
Property Tax Assessment Values Across Paoli, Garvin County, Oklahoma
Source: Ownwell
$60,180
$130,090
$200,000
Average Paoli Assessed Value
$94,457
Average Garvin County Assessed Value
$84,504
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Paoli, Garvin County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73074 | $37,032 | $57,068 | $94,457 | $166,620 | $338,612 |
Source: Ownwell
Property Tax Bills Across Paoli, Garvin County, Oklahoma
In Paoli, located in Garvin County, OK, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The median home price in Paoli is $94,457, and property taxes are applied to this assessed value to determine the tax bill. Several factors influence the final tax amount, including local tax rates and any applicable exemptions. The property tax rate in Paoli is relatively low compared to the national median rate of 0.99%. Homeowners in Paoli can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is $266, while the 75th percentile tax bill is $792, and the 90th percentile tax bill reaches $1,971. This variation in tax bills means that homeowners in Paoli can experience different financial impacts based on their property's assessed value and any applicable exemptions. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Paoli Tax Bill
$445
Average Garvin County Tax Bill
$559
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Paoli, Garvin County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73074 | $164 | $266 | $445 | $792 | $1,971 |
Source: Ownwell